Old Dominion Freight Line Inc. ( ODFL) has been in a strong advance since 2017, but you should not worry that the rally could come to an abrupt stop. Let's check out the charts and indicators of this trucking company.
In this daily bar chart of ODFL, below, we can see that prices have held a steady uptrend the past year. ODFL is trading above the rising 50-day moving average line as well as the rising 200-day line. The On-Balance-Volume (OBV) line has a positive trend and tells us that buyers of ODFL have been more aggressive than sellers. The trend-following Moving Average Convergence Divergence (MACD) oscillator is about to cross to the upside for an outright buy signal.
In this weekly Japanese candlestick chart of ODFL, below, we see a very positive-looking trend. Prices are trading above the rising 40-week moving average line and the advance has gotten stronger with prices farther away from the average line now versus any time in the past two years. The weekly OBV line is bullish and so is the MACD oscillator.
In this daily Point and Figure chart of ODFL, below, we can see a downside price target but a trade at $365.90 or higher is likely to turn the chart bullish.
In this weekly Point and Figure chart of ODFL, below, we used close-only price data. Here the software is reading the X's and O's as bullish with a $501 price target.
Bottom line strategy: In our June 10 review of ODFL we displayed a Point and Figure chart with a $378 price target. Prices have almost reached that target but show no signs of slowing down. Trade ODFL from the long side, risking to $335. Our nearest price targets for now are $378 and then the round number of $400.
